Report of the Supervisory Board Report of the Supervisory Board Berlin and Munich, December 6, 2023 Dear Shareholders, In fiscal 2023, Siemens AG once again demonstrated its kept up to date on projected business policies, Company operational excellence as a leading technology company planning – including financial, investment and personnel by delivering an impressively high level of profitable planning – and the Company’s profitability and business growth. The Company’s long-range strategy of combining operations as well as on the state of Siemens AG and the the real and the digital worlds and its rigorous orien- Siemens Group. We were directly involved at an early tation toward long-term growth fields paid off: Siemens stage in all decisions of fundamental importance to the benefited from strong, stable developments in the global - Company and discussed these decisions with the Man markets – above all, from worldwide efforts to make aging Board intensively and in detail. To the extent that value chains across the board more efficient, resilient Supervisory Board approval of the decisions and mea- and sustainable. The Company also made major invest- sures of Company management was required by law, the ments to drive its innovative power and enhance its Siemens Articles of Association or our Bylaws, the mem- manufacturing capacities – while further strengthening bers of the Supervisory Board – prepared in some cases its regional diversification. by the Supervisory Board’s committees – issued such approval after intensive review and discussion. Against this backdrop, the Supervisory Board focused intensively in fiscal 2023 on the execution of Siemens’ A special focus of our activities in fiscal 2023 was the fur- growth strategy. Siemens Xcelerator, our open digital ther implementation of the Company’s growth strategy. business platform, gained more and more momentum At our meetings and in additional informational sessions, and is the key element of Siemens’ strategy to combine we concerned ourselves intensively with the goals and the real and the digital worlds. The business opportunities priorities of Siemens’ businesses and with the Managing created by digitalization and sustainability as well as the Board’s technology and personnel strategy. In this connec- DEGREE sustainability framework were likewise priorities. tion, we focused our attention on the accelerated trans- In addition, the elections at the 2023 Annual Shareholders’ formation toward digitalization and sustainability and on Meeting enabled the Supervisory Board to successfully business and technological innovation and the related further develop its own profile of skills and expertise, opportunities for growth. Together with the Managing particularly in the areas of technology and sustainability. Board, we discussed markets, trends and growth fields. A Today, our Supervisory Board is more global and more further focus of our activities in fiscal 2023 – in addition to diverse than ever before – and, as a result, excellently Siemens Xcelerator, our platform for driving the digital positioned to optimally support the Company also in the transformation – was Siemens AG’s sustainability s trategy. next phases of its development. We focused on sus tainability-related topics in the environ- ment, social and governance (ESG) area. At the center was In fiscal 2023, the Supervisory Board performed in full not only DEGREE, our Companywide sustainability frame- the duties assigned to it by law, the Siemens Articles work – with the aspects of decarbonization, ethics, gover- of Association and the Bylaws for the Supervisory Board. nance, resource efficiency, equity and employability – but On the basis of detailed written and oral reports provided also the positive impact the Company creates for customers by the Managing Board, we monitored the Managing with its portf olio. The Supervisory Board discussed the risks Board and advised it on the management of the Company. and opportunities for the Company connected with social In my capacity as Chairman of the Super visory Board, and environmental factors as well as the environmental I regularly exchanged information with the Pr esident and and social impact of the Company’s activities. The discus- Chief Executive Officer and other Managing Board mem- sion made clear that sustainability is a strategic business bers. As a result, the Supervisory Board was always opportunity for Siemens due to our strong portfolio focused FISCAL 2023 2